Globenewswireยท2025-09-29 20:30Core Insights - SiriusPoint Ltd. has agreed to sell its wholly owned supplemental health insurance program manager, ArmadaCare, to Ambac Financial Group Inc. for $250 million, while maintaining a capacity partnership with Armada until the end of 2030 [1][3] Financial Summary - Upon completion of the sale, SiriusPoint will recognize a pre-tax gain of $220-230 million, with the transaction valuing Armada at approximately 14 times EBITDA [2] - Pro-forma tangible book value is expected to increase by approximately 10% upon the close of the transaction [2] Strategic Perspective - The CEO of SiriusPoint emphasized that the sale is a significant step in unlocking the off-balance sheet value of Armada, while expressing optimism about the ongoing partnership through a long-term capacity agreement [3] - SiriusPoint reaffirms its target return on equity of 12% to 15% across the cycle, indicating confidence in future growth opportunities within the Accident & Health segment [4] Transaction Details - The transaction is expected to close in the fourth quarter, pending customary closing conditions and regulatory approvals [4] - Jefferies LLC acted as the exclusive financial advisor, while Paul Hastings LLP served as the legal advisor for the sale of Armada [5] Company Background - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with a total capital of approximately $2.8 billion and a financial strength rating of A- from AM Best, S&P, and Fitch [6] - ArmadaCare is recognized for delivering innovative health insurance solutions that enhance ordinary health benefits, focusing on filling coverage gaps and providing valuable support services [7]